EUR/USD: Last week, this pair went upwards by 220 pips to the resistance line at 1.1350, before the ongoing shallow retracement, which might offer new opportunities. The price is almost going below the EMAs 11 and 56. Should the Williams' % range period 20 saunter into the oversold territory, another buy signal might be triggered.
USD/CHF: There is a strong Bearish Confirmation Pattern in the USD/CHF 4-hour chart. The rice dropped by more than 250 pips last week, going briefly below the support level of 0.9700 before coming a bit upwards Since the USD is weak against the EUR and the CHF, it is logical to conclude that the USD/CHF pair would come further south this week, testing the support levels of 0.9700 and 0.9600. An ongoing bullish effort might end up becoming another short-selling opportunity.
GBP/USD: The cable traded simply sideways last week, though in the context of an uptrend. The price has consolidated so far this week. A breakout is expected this week that would either take the price above the distribution territory of 1.4600, supporting the recent bullish outlook; or the price would go below the accumulation territory of 1.4350, generating a bearish signal.
USD/JPY: The USD/JPY pair dropped sharply last week in a continuation of a strong bearish bias started on January 29, 2016. Last week, the price dropped by 600 pips (from the weekly high on February 8, 2016) before the current upward bounce. In spite of the current near-term rally in the context of a downtrend, there is still a possibility of further movement south. The bearish bias remains valid.
EUR/JPY: The EUR/JPY pair dropped by 450 pips last week, owing to the strengthening yen. Even the bullish effort on the EUR was unable to prevent the smooth southward movement. The price reached the demand zone at 126.00 and could go below it, despite the current upwards bounce taking place in the market. The upward bounce could end up being another opportunity to go short.